Air Conditioning Systems Market Size to Register High Demand Rate by 2030
“Air Conditioning Systems Market Overview:
Research report on the Air Conditioning Systems market allows buyers to deliver unique solutions to various end users and improve their business presence in the industry. The report is introduced with accurate statistics regarding market share, size, and growth rate for the buyers to focus on their operations and achieve various goals smoothly. Numerous driving factors, restraints, opportunities, and threats affecting the market growth are described in the study for the strategy planners to plan policies pertaining to production volume, delivery of services, making connections, and creating awareness in the minds of consumers.
Air Conditioning Systems Market size was valued at USD 120.1 Bn in 2021, registering a CAGR of 5.4% during the forecast period (2023–2030), and the market is projected to be worth USD 183.5 Bn by 2030.
Moreover, the infographics included in the report, assist the businesses to track consumers’ demand on each product type in different industries and in various regions across the globe. Business owners can hence, focus on consumer buying pattern and deliver superior solutions to meet the growing needs by the industry. Moreover, existing trends in the industry will help the manufacturers to focus on demand and supply and create a mark in the industry. Our researchers have combined both primary and secondary research studies and presented the future scenario of the Air Conditioning Systems market, benefitting the manufacturers and the end users.
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Key Players:
Daikin Industries, Ltd., Mitsubishi Electric Trane HVAC US LLC, Hitachi Ltd, Carrier, Whirlpool Corporation, Haier Group, Blue star, Whirlpool, Videocon, Voltas
Scope of the Report:
The Air Conditioning Systems market is categorized on the basis of basis of product, end user, application, and region. Each category is divided into various sub-segments with elaboration on every one. Current trends in every segment is beneficial for the producers to deliver specific products to target customers.
The study describes trends and opportunities for better understanding to the market players for planning more policies and earn better return on investment. Our researchers have studied the best quantitative and qualitative aspects concerning the Air Conditioning Systems market and allowed companies to explore more opportunities in different regions across the globe. Especially in developing nations in Asia Pacific, where labor charges are comparatively low, players can set up manufacturing units and make more profit and impact the industry growth.
Market segmentation by manufacturers -
By Type
Based on the type, the market is trifurcated into unitary, rooftop, and PTAC. The unitary ACs segment dominates the global market due to the increasing demand from the residential sector. Unitary air conditioning systems are used in small to medium-sized buildings and homes as they are relatively inexpensive and easier to install in residential and small commercial spaces. Unitary air conditioning systems are designed to cool a single room or area and are commonly found in window-mounted or split air conditioning units. For instance, in January 2022, GE Appliances launched its unitary HVAC system at the 2022 AHR Expo. The unitary HVAC system is designed to provide energy-efficient heating and cooling solutions for residential and light commercial applications.
The PTAC segment is anticipated to emerge as the fastest-growing segment during the forecast period. PTAC systems are used in hotels, motels, and other multi-unit buildings and are installed through the wall consisting of both the evaporator and the air handler. Manufacturers are investing to create units with improved features such as smart thermostats, wireless control, and remote monitoring capabilities, contributing to the growth of this segment.
By Technology
Based on the technology, the market is bifurcated into inverter and non-inverter. The non-inverter segment dominates the air conditioning systems market. Non-inverter ACs are suitable for smaller rooms and spaces requiring a lower cooling or heating load. Therefore, a variable-speed compressor is not necessary for cooling small spaces making them easier to install, repair, and maintain. Furthermore, non-inverter ACs are more durable as they have fewer moving parts and simpler technology, contributing to the growth of this segment.
The inverter air conditioning systems segment is expected to grow during the forecast period. The growth of this segment is attributed to its energy efficiency and lower operating costs. The inverter air conditioning system uses a variable-speed compressor that adjusts its speed to match the cooling or heating load of the room, resulting in significant energy savings. For instance, in February 2022, LG Electronics launched its new range of AI Dual Inverter Air Conditioners featuring a dual inverter compressor capable of adjusting the cooling or heating according to the room’s temperature.
By Sales Channel
Based on the sales channel, the market is bifurcated into online and offline. The offline channel dominates the market as air conditioning systems are available in a wide range of stores including electronics stores and home appliance stores. The offline channel holds a significant advantage as customers exhibit a preference for physical product testing before purchase, particularly for expensive items such as air conditioners. Offline stores provide the opportunity to understand product features and functionality to make appropriate decisions.
The online segment is expected to witness the fastest CAGR during the forecast period. The growth of this segment is attributed to the shift in customer behavior of shopping online through e-commerce websites, online marketplaces, and mobile applications. For instance, ACs are marketed globally through e-commerce platforms such as Amazon and FlipKart.
By End-User
Based on end-user, the market is segmented into residential, industrial, and commercial. The residential segment dominates the global market due to the rising temperatures in many regions. As a result, consumers are looking for affordable, energy-efficient, and sustainable air conditioning systems for their homes, thereby driving the growth of the residential segment. Furthermore, the introduction of smart air conditioning systems that are controlled via smartphones has also attracted a large number of consumers towards advanced air conditioning systems. For instance, in August 2020, Fujitsu General launched its first air conditioner jointly developed with Rheem. The two companies have developed new HVAC systems offering outstanding energy efficiency and enhanced comfort for customers.
The commercial segment is anticipated to witness robust growth during the forecast period. Rising number of commercial buildings such as offices, shopping malls, hotels, and hospitals is demanding air conditioning systems to maintain a comfortable and temperature-controlled indoor environments. Furthermore, the demand for energy efficiency in commercial spaces for significant cost savings is boosting the growth of the air conditioning systems market.
The profiled players are increasing adopting growth strategies, such as partnership, collaboration, merger and acquisition, awareness programs, takeovers, and more for creating strong market presence and an image in the minds of end users. The report also comprises the list of industry players for the end users. This also smoothens the communication between manufacturers and consumers.
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Regional Analysis For Air Conditioning Systems Market:
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
The Research Provides Answers to the Following Key Questions:
- What is the expected growth rate of the Air Conditioning Systems market? What will be the market size for the forecast period, 2023–2030?
- What are the major driving forces responsible for transforming the trajectory of the industry?
- Who are major vendors dominating the Air Conditioning Systems industry across different regions? What are their winning strategies to stay ahead in the competition?
- What are the market trends business owners can rely upon in the coming years?
- What are the threats and challenges expected to restrict the progress of the industry across different countries?
- What are the key opportunities that business owners can bank on for the forecast period, 2023–2030?
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